Investors Business Daily's Jed Graham outlines the CBO's new projections for Social Security, which show an increasing funding shortfalls and a shrinking life for the program's trust funds:
The Congressional Budget Office now projects that Social Security's $2.8 trillion trust fund will run dry in 2029 — less than a decade before the end of the next president's first term. At that point, an automatic benefit cut of 28% would take effect.
Social Security's projected financing hole in 2030 will be at least 1.6% of GDP, or $400 billion (in 2015 dollars). The gap is so huge that addressing it can't be responsibly put off.
Hillary Clinton was reluctant to take any position on Social Security during her 2008 campaign, except to say that benefit cuts or a hike in the retirement age were off the table. But back then, the trust fund's demise was still projected to be more than 30 years away.
Check out the whole article.